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The debt collections industry is increasingly regulated. Collection agencies have a bad reputation because of their many abuses, both perceived and real against debtors. Some unscrupulous collection agencies were known to:
Use profane & abusive language.
Call and confront the debtor at work.
Call debtors to early or late based on the Fair Debt Collections Practices Act (FDCPA) guidelines.
Falsely tell debtors they could serve jail time for not paying.
Misrepresent themselves as law enforcement, lawyers or government officials.
These collection agency compliance abuses still can occur today when management is not invested in training collectors in compliance.
Debt collection agencies are increasingly finding themselves under attack [...]
If you are in a business that deals with lending money to people then you are automatically involved in debt collection. Many people believe that collection of debt is an easy process but the reality is that it is often a tedious and tiring job. Bad debt is a growing problem that is affecting businesses of all sizes and every company has its own share of non paying customers. If you are finding it very difficult to deal with such customers, here are some tips that would speed up your debt collection.
Collection Of Debt
Know about the debtor : The first [...]
If you are a business owner and have several debts in your accounts payable that have gone beyond a normal time frame when you expect to collect, you need to look into the possibility of hiring a collection services agency. There are different time frames for different businesses, but whether it is 60 days, 90 days, or even more time, the moment you go from reminding people of a late payment, to trying to collect on a debt, is the moment you need to hire professional collection services.
Too often a business owner will try to collect the money by himself, [...]read more
The Fair Debt Collection Practices Act (FDCPA) was created as a Federal statute in the year 1978, as Title VIII of the Consumer Credit Protection Act. The purpose of this act is to eliminate harassment of a consumer in the process of debt collection. The Act specified a list of do’s and don’ts while collecting debt. It also defined the Consumer’s rights under the Act.
FAIR DEBT COLLECTION PRACTICES ACT | FDCPA
The Fair Debt Collection Practices Act was intended to apply to third party debt collectors and not to the employees of the original creditor. Federal Courts [...]read more
Are you starting to get worried that one or more of your customers will never pay your debts to you? Have you encountered a client who has directly told you that he does not intend to pay? Are you bothered by the fact that such non-payments actually have an overall negative effect to the financial aspect of your business? Fret not, for there are ways on how to collect this bad debt.
But first, let us define what a bad debt really is. Actually, bad debts must be identified properly, and at the earliest time possible for greater chances of [...]
The World Bank estimates that about 80.3% of all business deals in the world are done on some form of credit. However, about half of all those debts are either paid late or end up as bad debts. To avoid losing your money and also keep a generally good relationship with the customer,the services of collection agencies are required. So, what is a collection agency? A collection agency is a business establishment that specializes in collecting cash from those who owe your business money.
What You Need To Know About Collection Agencies
Why are their services required? You see, the process of [...]
Many companies are concerned about money owed to them by individuals or other organizations so it is very important for them to employ the professional help from collection agencies. Debt collection agencies are the ones who are well equipped and more knowledgeable when it comes to figuring out which methods to use to effectively collect debt from the debtors.
Businesses and companies should just concentrate on their operations and other ways to boost their revenue and leave the collections to the debt collection agencies instead to allow for 100% success rate on collections. It is important for a business to [...]
Medical collections are an issue in a lot of hospitals and other medical institutions. Having a debt collection agency work on the medical collections can be quite a challenging task for any office manager for different medical institutions. There may be times when the hospital office manager will create the monthly or annual financial statements and then realize that there have been bills that were not settled yet. This can pose a problem with the cash flow of the hospital and should be acted upon immediately.
Agencies that deal with medical collections perfectly understand that there are [...]
Collection calls are hard because they are a part of business, but it is also a personal matter – which is what makes it so hard to do. People get emotional and have to make business decisions about their bottom line.
How To Make Effective Collection Calls
Calling a past due customer and asking them to pay their bill is not on the top of anyone’s list of fun things to do. If you are in business, you have to do it or hire someone to do it for you. The easy part of a collection call is picking [...]
The rules and regulations governing commercial debt collections are completely different from the consumer debt collections. One can find lots of information related to consumer debt collection. There are many companies that specialize in this field. However, when it comes to commercial debt collection, it can be little tricky to find the right company that provides reliable and competent services. Any business-to-business collection of debt is known as commercial debt collection. In the consumer debt collection, it is between the business and the consumer. There are well-established laws governing how the commercial debts must be collected.
Commercial Debt Collections
Commercial debt collections [...]